Suit relates to ‘misstatements and omissions’ in disclosures related to bank’s sales practices

Wells Fargo & Co. said Friday it reached a $480 million preliminary settlement agreement in a securities fraud class-action suit.

The settlement comes at a difficult time for Wells Fargo, which is dealing with multiple investigations and settlements. The problems kicked off in September 2016 when its sales-practices scandal erupted, and the bank later disclosed it opened up to 3.5 million sham retail banking customer accounts.